THE International Monetary Fund approved $319 million for Rwanda under a new financing arrangement aimed at helping countries deal with prolonged risks such as climate change.
The Resilience and Sustainability Facility was created this year for low-income and vulnerable middle-income nations to address the challenges with longer-term, low-cost financing, the Washington-based lender said in a statement on Monday. Rwanda is the first African country to secure access to the funding.
“The RSF will support Rwanda’s ambitious agenda to build resilience to climate change and help to catalyse further financing,” according to the statement. “The program will include facilitating green public investment, creating further fiscal space, mitigating financial risks, and strengthening public debt dynamics and prospective balance-of-payments stability.”
The announcement comes after nations at the COP27 summit in Egypt last month agreed to establish a fund to compensate for loss and damage related to changing weather patterns, a win for developing
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